SpaceX stock drops on launch setback and sector selloff

Space Exploration Technologies Corp. shares fell 3.1% in morning trading Friday to $139.40 as a technology sector selloff combined with company-specific concerns to pressure the stock.

The shares opened at $137.89 and touched a session low of $135.91, with no sustained recovery throughout the morning. Reports of a launch setback in the company's rocket business weighed on investor sentiment.

SpaceX's third-quarter 2026 filings showed that a single artificial intelligence computing customer, later identified as Anthropic, represented about 34.5% of quarterly revenue under a contract that either party can cancel. This disclosure kept concentration-risk concerns active among investors.

Bank of America identified China as the main regulatory obstacle to a potential SpaceX-Tesla merger, adding to strategic uncertainty around the company.

A large post-IPO lockup share supply overhang, with billions of shares having cleared restrictions through late October, continues to create selling pressure on the stock.

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